Aave Founder Faces Investigation Over $10M Token Acquisition During Governance Controversy

Aave founder Stani Kulechov is under scrutiny for his recent acquisition of $10 million in AAVE tokens, with some in the crypto community suggesting it was aimed at amplifying his voting power in a crucial governance proposal.

In a Wednesday post on X, Robert Mullins, a decentralized finance (DeFi) strategist and liquidity expert, contended that the purchase was intended to enhance Kulechov’s “voting power in anticipation to vote for a proposal directly against the token holders’ best interests.”

He remarked: “This is a clear example of tokens lacking the necessary mechanisms to effectively disincentivize governance attacks.”

Notable crypto user Sisyphus echoed these concerns, alleging that Kulechov may have sold “millions of dollars” in Aave (AAVE) tokens between 2021 and 2025, questioning the economic rationale behind his actions.

This controversy arises as Aave token holders discuss governance power dynamics within one of DeFi’s largest protocols, with critics asserting that substantial token purchases can significantly sway voting results on critical proposals. The issue has reignited worries about whether token-based governance effectively safeguards minority holders when founders or early insiders possess considerable economic influence.

Aave governance vote sparks backlash

As Cointelegraph reported, Aave’s governance vote has faced backlash after a proposal to reclaim control of the protocol’s brand assets moved to a snapshot vote despite ongoing discussions.

The proposal suggests that AAVE token holders should regain ownership of domains, social accounts, and intellectual property through a DAO-controlled legal structure.

Several stakeholders contested that decision, claiming the proposal was escalated too soon.

Former Aave Labs CTO Ernesto Boado, identified as the proposal’s author, stated that the vote advanced without his consent and undermined community trust.

Related: Aave founder outlines 2026 ‘master plan’ after end to SEC probe

Voting power concentration in Aave DAO

Samuel McCulloch from USD.ai pointed out the concentration of voting power. In a post on X, he labeled the Aave vote as “silly,” noting that a small group of large holders represented approximately half of the total voting weight.

Snapshot data from the Aave DAO reveals that the top three voters together control over 58% of the entire vote. The leading voter, 0xEA0C…6B5A, possesses 27.06% of the voting power (333k AAVE), while the second-largest voter, aci.eth, holds 18.53% (228k AAVE).

Cointelegraph attempted to contact Kulechov for comments, but did not receive a reply prior to publication.